Banks Can be Rather Useless
219 words eaten alive on April 8, 2009 - Filed Under Business, Ranting -
I gotta say, aside from providing me with an account to write checks on and collect my debit machine deposits, banks haven’t been much help at all in running this business. Shortly after I opened the store, about a year I guess, I had an opportunity to buy out ATR Video. I went to the bank for a loan and was refused because I hadn’t been in business for 3 years yet. So I went to the CBDC and got the loan no problem.
When it came time to expand and branch out into new product instead of just clearance items, I went to the bank with my 3 years worth of records and was again refused a loan. So I used my credit cards to help build up inventory (big mistake by the way, the interest is a killer). A couple years after that when business was booming I once again went to the bank to try for a debt consolidation so I could pay off the cards and have a lower interest rate to deal with. Once again, nope.
So in short, if you’re starting a business or looking to expand an existing one, you’re better off saving up on your own because it’s really hard to get help from the big boys.
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